The price of Floki (FLOKI), a meme cryptocurrency inspired by the Shiba Inu dog breed, spiked over 10% on Sunday and saw its highest trading volumes in over three weeks. The spike comes as the project announced a China-focused push for its Valhalla metaverse game.
Trading volumes for FLOKI jumped to over $60 million, up from last week’s $25 million average. The spike comes as ads for the Floki game featured in some Chinese sporting tournaments.
This could have attracted some speculators who hypothesized that the move might attract new traders from China.
Floki previously said it was targeting China in its latest push toward attracting more users for its Valhalla game. The game’s content and technical documents will be available in both traditional Chinese and simplified Chinese and are specifically targeted toward the Chinese gaming market, developers added at the time.
The “China narrative” has caught on among some on Crypto Twitter ahead of lax laws for retail trading in Hong Kong, driving up prices of some Asia-focused tokens, such as conflux (CFX) in the past few weeks.
Starting June 1, Hong Kong will allow traders to invest in some tokens, such as bitcoin, ether and solana, on regulated exchanges in the country.
Traders are not allowed to hold any stablecoins, but the move has fuelled sentiment that wealthy Chinese speculators could soon plough money into the crypto markets.
It is important to note that cryptocurrency prices are volatile and can fluctuate significantly in a short period of time. Investors should always do their own research before investing in any cryptocurrency.